Cibus, Inc. Q4 FY2025 earnings call

• 2025 was landmark for CBIS with technology leadership, commercialization progress, scale, and regulatory momentum. Seven rice customers with over $200M potential annual royalties, first payment from sustainable ingredients, selected by UK gov for farming innovation program, EU reached genomic techniques legislation. • Seed companies interested in deeper integration with CBIS's technologies for time-bound predictable trait development. • Rice program has seven customers, potential market entry in Latin America 2027, US 2028, India/Asia 2030; partnership with Interoc for herbicide-tolerant rice in Latin America. • Sustainable ingredients biofragrance program had pre-commercial pilot runs, first payment, targeting commercial-scale production. • Regulatory progress: EU genomic techniques legislation, UK precision grid organisms framework, California authorizing gene-edited rice, Ecuador confirming traits equivalent to conventional, USDA APHIS positive determinations, Peru considering gene-edited products similar to conventional. • Technical progress: RICE editing efficiency improved, optimized reagents, cell culture, etc.; canola traits HT2 delivered positive field trial results; nutrient use efficiency partnership; wheat single cell regeneration; soybean editing rate improvement.

Rice program: Seven rice customers with over $200 million in potential annual royalty opportunities. First customer payment from sustainable ingredients program. Sustainable ingredients: Biofragrance program had pre-commercial pilot runs in Q3 2025, first payment in Q4, with potential $20 to $40 million annual royalty opportunity. Financials: Cash and cash equivalents as of Dec 31, 2025 was $9.9 million; raised $22.3 million in Jan 2026. R&D expense $9.4 million in Q4 2025 vs $12.4 million year-ago; SG&A expense $5.1 million vs $6.8 million year-ago. Net loss $31.9 million in Q4 2025 vs $25.8 million year-ago.

• Cash and cash equivalents sufficient to fund planned operating expenses and capital expenditure requirements into late third quarter of 2026. • On rice: Expand customer relationships across Americas and India, advance toward definitive commercial agreement with Interox, pursue Brazil and Argentina discussions, expect field results from Latin America and chemistry registrations supporting 2027 commercial launch. • On sustainable ingredients: Formalize expanded partnership, target commercial-scale production, expect additional details on program soon. • EU plenary vote in late April is a major catalyst.

Q: About EU NGT framework and impact on canola WOSR program.

A: EU regulatory progress is watershed, opens up opportunities like 100 million acres in Europe for winter oilseed rape, SEBAS has efficient production system.

Q: Next steps to commercialization in Latin America for rice and milestones.

A: Focus on expanding customer relationships, working with Interox on commercial agreement, progress on chemical registration and trait work for 2027 launch.

Q: Trend line for acres touched by technology.

A: Target 5-7 million acres in Americas over first three years, with growth in Latin America and US, and potential in India later.

Q: Scale of gene editing platform and throughput.

A: Built scalable system with automation, AI, streamlined business, can manage multiple crops and lines with modest team increases.

Q: Royalty rates and value add with gene edits as service.

A: Speed and scalability allow quick value add, favorable royalty negotiation.

Q: Scale of fragrances work.

A: Focused on first few fragrances, but can scale quickly with platform, potential to work on about 17 fragrances.

Q: Collaboration revenue and earnings timing.

A: Purely timing issue, cash on track.

Q: Expansion of sustainable ingredients program.

A: Broad opportunities, working with current partner to expand, looking at broader sectors.

Q: Financing from here.

A: Streamlining business, focusing on near-term revenues, January financing transaction extends cash runway